(Updates)
** Shares of Australia's IDP Education rise as much as 5.8% to A$12.52
** Stock hits highest since Dec. 10 and is set for strongest session since late August
** Jefferies upgrades IDP Education to "hold" from "underperform", driven by recovery in the U.K. market and promising performance in China
** Sees signs of recovery in the UK student visa numbers, which, after a period of decline are set to positively impact the education counsellor's business
** Jefferies highlights company's China IELTS initiative, an English proficiency test, as outperforming expectations and potentially boosting revenue
** Brokerage flags company's plans to diversify in Spain, Germany and other countries to have a short-term but insignificant impact
** Despite policy challenges, brokerage sees IEL's stock finding support around A$10/shr
** Shares of company down 40.9%, YTD, as of the last close
(Reporting by Kumar Tanishk in Bengaluru; Editing by Chris Reese)
((Tanishk.Kumar@thomsonreuters.com;))
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